EXCEL International Journal of Multidisciplinary Management Studies ________________ ISSN 2249- 8834 EIJMMS, Vol.4 (10), OCTOBER (2014), pp.85-94 Online available at zenithresearch.org.in RELEVANCE OF MICROFINANCING IN INDIA: AN OVERVIEW DR. RAJESH KUMAR JHAMB LECTURER, GOVT. POLYTECHNIC FOR WOMEN, SECTOR 10-D, CHANDIGARH. ABSTRACT Micro financing has emerged as a significant and well recognized buzzword in the today’s financing environment. The basic objectives of micro finance are developing the financial forecasting and continuous saving practices among the large numbers of people in India especially in the rural areas. There is growth potentials for the growth of micro financing in India due to more than two third population of India belongs to rural area and whereas only one third population has bank deposits. The newly elected NDA govt. come with an innovative idea of connecting people especially from rural and remote areas with banking industry by launching PRADHAN MANTRI JAN DHAN YOJANA. the vision of govt. is economic liberalization and opportunities of development and growth of India with the help of micro financing. The challenge, there for is to link the large number of people with the banking industry in India by way of cost effectiveness, sustainability and growth at a micro level. KEY WORDS: Microfinance, Sustainable Development, Banking. REFERENCES:  Adams, Dale W., Douglas H. Graham & J. D. Von Pischke (eds.). Undermining Rural Development with Cheap Credit. Westview Press, Boulder & London, 1984.  Chavan, P and Ram Kumar, R. 2002 Micro-credit and rural poverty : An analysis of empirical evidence. EPW xxxy11 (10): 955-965.  Chriseten, R.Peck Rhyne, Elisabeth and Vogel, Robert C (1994) “Maximizing the Outreach of Microenterprise Finance: The Emerging Lessons of Successful Programs,” September IMCC, Arlington, Virginia.  Churchill, C.F. (1996),” An Introduction to Key Issues in Microfinance: Supervision and Regulation, Financing Sources, Expansion of Microfinance Institutions,” Microfinance Network, Washington, D.C. February.  Fisher T. and Sriram M.S. 2002. Beyond Micro Credit putting development book into MF Journal of Rural Development 21 (2): 232-250.  Marguerite S. Robinson, The Microfinance Revolution: Sustainable Finance for the poor.  Otero, M. and Rhyne, E.(1994) “The New World of Microenterprise Finance -Building Healthy Financial Institutions for the Poor”, Kumarian Press, West Harford, Connecticut. EXCEL International Journal of Multidisciplinary Management Studies ________________ ISSN 2249- 8834 EIJMMS, Vol.4 (10), OCTOBER (2014), pp.85-94 Online available at zenithresearch.org.in  Pu hazendi V., Sahjashi K.J.S. (2001) Economics social empowerment of rural people through self-help groups, Indian Journal of Agricultural economics, July – Sept.  Khandekar, (2001). Indian Journal of Agricultural Economics, pp. 374.  NABARD Annual Report, 2005-06. WEB SITES CGAP Microfinance Gateway http://www.microfinancegateway.org/p/site/m/template.rc/1.26.9183/#1 Guy Vincent, Sustainable Microentrepreneurship:The Roles of Microfinance, Entrepreneurship and Sustainability in Reducing Poverty in Developing Countries Microfinance www.wikipedia.org SIDBI :Small Industries Development Bank of India www.sidbi.com History of Microfinance : www.globalenvision.com Financial Sector of www.worldbank.org the World Bank Group, “Rural and Microfinance SMEs”, 2009 World Survey on the Role of Women in Development Women’s Control over Economic Resources and Access to Financial Resources, including Microfinance www.un.org